The current research explores the effect of alternating magnetic field on corrosion rate and products compositions of 45 steel, by use of electrochemical test, scanning electron microscopy (SEM) and X-ray diffraction (XRD). The calculated inhibition efficiency of the alternating magnetic field based on electrochemical corrosion rate is up to 16.66%. Electrochemical corrosion morphology and surface products were also discussed. The surface of specimen is uniform and compact in magnetized sea water relation to that in 3.5% NaCl solution and sea water. The corrosion products of 45 steel in sea water are FeCl2•4H2O, Fe(OH)3 and FeOOH. However, the corrosion products of 45 steel in magnetized sea water are FeOOH, Fe3O4 and FeCl3•6H2O chiefly.